Get documents about "Buyers Service Guide
Document Sample
Buyers Service Guide
and
Commitment to Service
It’s Time to Expect More from Your Real Estate
Agent
Risa Saltman
Performance not Promises
mailto:homes@risa.net
http://www.risa.net
http://www.BestOrlandoHomes.com
Risa Saltman, RE/MAX Town & Country Realty, Orlando, Fl 32708
Phone: 800-699-4901 mailto:risa@risa.net website: http://www.risa.net
MISSION STATEMENT
To provide a happy, positive attitude and environment, free of frustration
and dissatisfaction; to continually strive to become a dependable and
knowledgeable Realtor; to delegate responsibility to my transaction
coordinator and assistants whenever possible in order to concentrate on the
effective listing and selling of residential real estate; to attain clients who
allow me to prove my capabilities and talent as a Realtor which, in turn,
builds loyalty and the opportunity to recommend me to others who have
residential real estate needs.
Risa A. Saltman
Risa Saltman, RE/MAX Town & Country Realty, Orlando, Fl 32708
Phone: 800-699-4901 mailto:risa@risa.net website: http://www.risa.net
THE HOME BUYING PROCESS
BUYER
$
Initial Consultation: Financial Qualifications
$
Marketing Education
Viewing Property $
Search for Loan
$
$
Submit Loan Application
Select a Home to Buy
Write Offer $
$ Loan Processing Starts
Property Appraisal
Offer Presented to Seller
$
Negotiation of Terms
$
EXECUTED SALES
CONTRACT
$
Schedule Inspections $
Receive Disclosures Open “Escrow”
$
$
Review Disclosures Title Search
Have Inspections Loan Commitment
$ Remove Financial Contingencies
$
Remove Inspection & Other Contingencies
$
Arrange for Homeowners Insurance
Arrange for Movers
$
$
Loan Funding, Record Title
Sign Loan & Closing Papers
$
CLOSE ESCROW - GET THE KEYS
WELCOME HOME!
Risa Saltman, RE/MAX Town & Country Realty, Orlando, Fl 32708
Phone: 800-699-4901 mailto:risa@risa.net website: http://www.risa.net
EIGHT REASONS
FOR YOU TO
CONSIDER
HOME OWNERSHIP
For many Americans, the ability to own a home is one of the most important
advantages of living in our country. Just consider some of the benefits of home
ownership:
SECURITY - your home is your "castle" giving you the comfort of having
your own little corner of the world. Your home is a stronghold against
inflation, because if prices go up, so does the value of your home.
INVESTMENT - as each monthly payment is made, you own more and
more of your home. Each improvement you make not only enhances the
livability of your home but it adds to its investment value.
TAX ADVANTAGES - real estate taxes and the interest on your mortgage
loan or loan contract are deducible from your income tax.
CASH EQUITY - your home mortgage dollars are actually invested in a
way that will keep pace with inflation and help to keep you in a favorable
economic position.
FINANCIAL INDEPENDENCE - home ownership can be a good
foundation around which to build a personal financial program.
CREDIT - owning a home can help you establish financial credibility and
the equity can be a source of investment funds too.
A LIFESTYLE STATEMENT - your home and your community reflect
your lifestyle and provide a sense of belonging. When you own a home,
you sink roots in a community.
PRIDE AND SATISFACTION - your home is a source of pride, offering
you privacy, freedom and independence.
Risa Saltman, RE/MAX Town & Country Realty, Orlando, Fl 32708
Phone: 800-699-4901 mailto:risa@risa.net website: http://www.risa.net
SELECTING A SALESPERSON
When buying your home, you need a proven professional with many
years of experience to sell it quickly and easily. Risa Saltman has
over 15 years experience and has proven results with over 500 home
sales in her career. She is:
An agent who is well trained and knows the market . . . . . a team
player. Risa Saltman receives real estate training on a monthly basis,
and over 50 other top agents throughout the United States. She is an
Accredited Buyer Agent, a member of REBAC, a Certified Residential
Specialist (CRS),An Internet Marketing Specialist; and
An agent committed to servicing your needs by utilizing a "Hands
on Approach" to plan and direct all steps necessary in purchasing your
home. You will work closely with Risa Saltman in developing your
personal Marketing Action Plan; and
An agent with marketing methods that are backed up with a Service
Warranty; and
An agent who provides you with an Marketing Service Guide that
explains what will be done to purchase your home and a "projected"
marketing period; and
An agent who backs up her promises with a Written Commitment and
an absolute right to cancel your buyer’s agreement immediately if
she fails to perform to your satisfaction.
Risa Saltman, RE/MAX Town & Country Realty, Orlando, Fl 32708
Phone: 800-699-4901 mailto:risa@risa.net website: http://www.risa.net
Risa Saltman
and
RE/MAX Town & Country Realty
A dedicated professional and a name you can trust - that's what you get
from Risa Saltman and RE/MAX Town & Country Realty. Service is
not a promise, it's a guarantee! Her unique team concept is your
written assurance that she will do all that was promised. IT IS THAT
SIMPLE. That means peace of mind for her clients as well as strong
motivation for her.
Specialization in single family residential and income properties
require competency and strict adherence to established standards and
professional practices. She takes pride in maintaining a profile of total
objectivity and integrity while meeting the needs of her clients by
providing prompt service, quality reports, professional & caring
attitude, open communication with her clients, innovative, and
complete real estate services.
Risa Saltman, RE/MAX Town & Country Realty, Orlando, Fl 32708
Phone: 800-699-4901 mailto:risa@risa.net website: http://www.risa.net
100% SATISFACTION GUARANTEED Program
I am so confident that our home purchasing programs
will work that I am willing to give you this guarantee:
My 100% SATISFACTION GUARANTEED Program
offers you the opportunity to get out of the buyers
agreement with me at any time; for any reason........ No
strings attached!
Does any other real estate agent make this guarantee?
Of course Not ......THEY CANNOT AFFORD TO!!!!
However, as your professional Realtor,
Risa Saltman.....I CAN'T AFFORD NOT TOO!!!
Risa Saltman, RE/MAX Town & Country Realty, Orlando, Fl 32708
Phone: 800-699-4901 mailto:risa@risa.net website: http://www.risa.net
MY OBJECTIVES FOR YOU
The Best Possible Price
The Most Favorable Terms.
The Shortest Amount of Time
The Least Inconvenience to You
Risa Saltman
Risa Saltman, RE/MAX Town & Country Realty, Orlando, Fl 32708
Phone: 800-699-4901 mailto:risa@risa.net website: http://www.risa.net
THE 20 MOST CRITICAL QUESTIONS YOU HAVE TO
ASK IF YOU WANT TO SAVE MONEY ON THE
PURCHASE OF YOUR HOME.
1.What financing is available?
Financing in our market varies almost as much as the homes do, there are assumables,
adjustables fixed, balloon mortgages, etc. so before you buy make sure you are aware of
the best for you. I can explain all these options to you.
2.Is loan pre-approval necessary?
This is very important and increases your bargaining power by knowing your financing is
in place, subject to the home appraising for the sales price.. Many lenders offer free pre-
approvals which are much stronger than pre-qualifications.
3..How do I get the best rate & terms for a mortgage?
A lender is just like any other commodity. The cheapest rate may not always be the best.
Ask the lender to provide you with their costs, references and information about their
company. You need the total cost to compare. Remember, if your agent has an ongoing
professional relationship with a lender they can leverage better service for you.
4.What are the taxes on the property?
Is the property you choose a new home, taxed on land only, investment, no homestead, or
owner occupied with a homestead exemption? I have access to the tax rolls for this
information.
5.What utilities are available?
I'll find out if they are public or private utilities, and if there is a well, cable, gas, or
electric for you.
6.Is there a seller's disclosure available?
Florida law requires all Home sellers to complete a seller’s disclosure, this reveals to the
home buyer any and all repairs made to the property and anything that may currently be
in need of repair.
7.How far are the schools? Shopping?
Are the children bussed, is the school within walking distance. How far is it to pick up
milk? I know the answers.
Risa Saltman, RE/MAX Town & Country Realty, Orlando, Fl 32708
Phone: 800-699-4901 mailto:risa@risa.net website: http://www.risa.net
8.What is the Home insurance & auto insurance requirements for the area?
The area you choose determines this. County and state requirement vary we have reports
for each area.
9.Are there utility easements on the property?
Most properties are subject to easements, of some kind. Be prepared and find out what
they are for the property you choose with an accurate survey.
10.Has the home ever been treated for termites?
This will be disclosed in the termite inspection. Again cost of the report is not the only
factor.
11.What is the average monthly utility bill?
While all households are different, most sellers will be glad to share this information with
a serious buyer, this can be a good indicator.
12.What is the traffic flow in the area?
We'll ride around the area you wish to purchase in and get a "feel" for the area, at peak
and off peak times.
13.Do I need a Home Inspection?
This will discover potentially costly repairs and educate you about the property. You can
expect to pay between $150&$250. It is money well spent. Make sure the inspector is
licensed. Tell them exactly what you want to know and ask any unanswered questions.
14.Is there a Home Warranty?
They are normally available on a resale home and cover most of the major items. The
seller if negotiated can pay them for. New homes must provide a one year warranty and
some offer extended warranties.
15.What is Title Insurance?
Much like a life insurance policy, title insurance protects your equity in the property
against future claims.
16.What is an appraisal?
This establishes the value of the property. I recommend that all contracts be contingent
on a property appraising at or above the sales price of the home. This insures you will not
over pay.
Risa Saltman, RE/MAX Town & Country Realty, Orlando, Fl 32708
Phone: 800-699-4901 mailto:risa@risa.net website: http://www.risa.net
17.What is a market analysis?
This is a summary of homes, which have sold and are for sale, which closely resemble
the property you wish to purchase. You should insist on a current analysis on the day you
write your contract.
18.Do I need a Buyer Agent?
This is a form of agency in which the Realtor works in the Buyer's interest and not the
Sellers. A good buyers agent should have formal training and be comfortable with this
form of representation. I strongly recommend avoiding agents who don't offer an easy
exit from your buyers contract. Getting locked into an agreement with an agent who is
not performing can cost you thousands of dollars.
19.How long before I can close on my house?
With an informed agent and an informed buyer, the process, from beginning to end, can
take less than thirty days.
20.What are the guarantees?
You have a right to expect that anyone who says they will do something does it. I
guarantee my service, and I expect my vendors to do likewise. It is your money and you
should do everything in your power to protect it. No one gets paid until the deal is
closed.
Risa Saltman, RE/MAX Town & Country Realty, Orlando, Fl 32708
Phone: 800-699-4901 mailto:risa@risa.net website: http://www.risa.net
What You Should Know About .......
“Single Agent”
“Transaction Broker”
“ Nonrepresentation”
What this means to you as a Home buyer
Real Estate agents in Florida are required by law to inform consumers in
writing who they represent.
In today's real estate market if you want to sell a house, you can hire an agent
who is a “seller’s agent,” or if you want to buy a home you can work with a
“buyer’s agent,” or in some cases you can engage a real estate agent to
represent the “transaction”
This synopsis offers an overview of the choices. For in depth answers to your
questions just give us a call for a confidential interview to discuss the right
option for you.
Risa Saltman, RE/MAX Town & Country Realty, Orlando, Fl 32708
Phone: 800-699-4901 mailto:risa@risa.net website: http://www.risa.net
As of October 1, 1997 Florida Law requires these disclosures explaining single agent,
transaction broker & nonrepresentation.
Keep in mind the goal of all real estate agents is the same - to help bring about
the sale or purchase of a home. Expect to be treated with honesty regardless
of agency relationship. Together buyer, seller, and agents get the job done!
SINGLE AGENT-
FLORIDA LAW REQUIRES THAT REAL ESTATE LICENSEES
OPERATING AS SINGLE AGENTS DISCLOSE TO SELLERS AND
BUYERS THEIR DUTIES. As a Single Agent RE/MAX Town & Country
Realty and I owe you the following duties (1) Dealing honestly and fairly; (2)
Loyalty (3) Confidentiality; (4) Obedience, (5) Full disclosure; (6) Accounting
for all funds; (7) Skill, care, and diligence in the transaction and (S) Presenting
all offers and counteroffers in a timely manner, unless e party has previously
directed the licensee otherwise in writing.
Permission TO CHANGE TO TRANSACTION BROKER-
FLORIDA LAW ALLOWS REAL ESTATE LICENSEES WHO
REPRESENT A SELL ER OR BUYER AS A SINGLE AGENT T0
CHANGE FROM A SINGLE AGENT RELATIONSHIP TO A
TRANSACTION BROKERAGE RELATIONSHIP IN ORDER FOR
THE LICENSEE TO ASSIST BOTH PARTIES IN A REAL ESTATE
TRANSACTION BY PROVIDING A LIMITED FORM OF
REPRESENTATION TO BOTH BOTH THE BUYER AND THE
SELLER. THIS CHANGE IN THE RELATIONSHIP CANNOT
OCCUR WITHOUT YOUR PRIOR WRITTEN CONSENT.
TRANSACTION BROKER-
FLORIDA LAW REQUIRES THAT REAL ESTATE LICENSEES
OPERATING AS TRANSACTION BROKERS DISCLOSE T0 BUYERS
AND SELLERS THEIR ROLE AND DUTIES IN PROVIDING A
LIMITED FORM OF REPRESENTATlON.
Risa Saltman, RE/MAX Town & Country Realty, Orlando, Fl 32708
Phone: 800-699-4901 mailto:risa@risa.net website: http://www.risa.net
As a transaction broker RE/MAX Town & Country Realty and I provide you
a limited form of representation that includes the following duties: (1) Dealing
honestly and fairly; (2) Accounting for all funds; (3) Using skill, care, and
diligence in the transaction; (4) Disclosing all known facts that materially affect
the values of the property and are not readily Observable to the buyer; (5)
Presenting all offers and counteroffers in a timely manner, unless a party has
previously directed the licensee otherwise in writing; (6) Limited
confidentiality, unless waived in writing by a party. This limited confidentiality
will prevent disclosure that the seller will accept a price less than the asking or
listed price, that the buyer will pay a price greater than the price submitted in
e written offer, of the motivation of any party for selling or buying Property,
that a seller or buyer will agree to financing terms other than those offered, or
of any other information requested by a party to remain confidential; and (7)
Any additional duties that are entered into by this or by separate written
agreement.
Limited representation means that a buyer or seller is not responsible for the
acts of the licensee. Additionally, parties ere giving up their rights to the
undivided loyalty of the licensee. This aspect of limited representation allows
a licensee to facilitate a real estate transaction by assisting both the buyer and
the seller, but a licensee will not work to represent one part to the detriment
of the other party.
NOTICE OF NON-REPRESENTATION
FLORIDA LAW REQUIRES THAT REAL ESTATE LICENSEES
PROVIDE THIS NOTICE AT FIRST CONTACT TO ALL
POTENTIAL SELLERS AND
BUYERS OF REAL ESTATE.
You are hereby notified that REMAX Town & Country Realty end I do not
represent you in any capacity. You should not assume that any real estate
broker or salesperson represents you unless you agree to engage e real estate
licensee in an authorized brokerage relationship, either as a single agent or as
e transaction broker. You are advised not to disclose any information you
want to be held in confidence until you make a decision on representation.
I TAKE THE MYSTERY OUT
Risa Saltman, RE/MAX Town & Country Realty, Orlando, Fl 32708
Phone: 800-699-4901 mailto:risa@risa.net website: http://www.risa.net
OF FINDING AND FINANCING A HOME
GETTING STARTED
I listen carefully to what you need and want in a home.
I help you determine the price range you can live with comfortably
HOUSE HUNTING
Worksheets make it easy for you to compare homes you visit - and
keep track of the little details that can make a big difference.
Once you’ve selected your home, I can help you with the details.
Once call does it all. I’ll provide information and arrange a showing
appointment for any property currently listed for sale.
FINANCING
I assist you in choosing financing and estimate our closing costs and
monthly payments.
I guide you through the home financing process, from mortgage loan
application through closing.
THE LANGUAGE
The glossary in this guide provides an explanation of terms you are
likely to hear during the transaction.
Risa Saltman, RE/MAX Town & Country Realty, Orlando, Fl 32708
Phone: 800-699-4901 mailto:risa@risa.net website: http://www.risa.net
ORGANIZING YOUR HOME SEARCH
You=re buying your first home. It=s one of the most important and exciting purchases you
will ever make. Owning a home can help you build equity while reducing your income tax.
This guide will provide some pointers to help you on your way to The Great American
Dream. We hope this will help you understand the tax advantages of home ownership. It
can help you organize your home search as you begin browsing through the housing
market. Determining what features you want in your dream house and what payments you
can afford are the important first steps.
It=s a good idea to obtain a copy of your credit report before you start house hunting. You
may find an error that needs attention and could prevent loan approval. Credit reporting
agencies are in your yellow pages. Fees may vary, but most agencies charge $10 or less for
a copy of your credit report. TRW is a national credit-reporting agency that will provide
one free copy per year. Call 1-800-392-1122 or 1-800-682-7654 for details. It will take
approximately four weeks to receive your free copy.
Your mortgage banker may ask for copies of prior years tax returns. If you have copies of
your credit reports, tax returns and bank statements organized, you’re ready to start
exploring the housing market and shopping for a mortgage.
Qualifying
Can you qualify for your dream home? What can you qualify for? Here’s a popular real
estate measure: you can afford a home that is two and a half times your annual gross
income before taxes. Figure in your co-buyer=s Adjusted Gross Income, assets and
liabilities too. The amount you have for a down payment and your approved loan amount
will ultimately determine your buying power. Your monthly costs should total no more
than 28% of your monthly gross. Your monthly housing costs plus other long-term debts
should total no more than 36% of your monthly gross income.
If all of this seems too complicated, simply contact us to arrange an appointment with
mortgage bankers we have established working relationships with. They will pre-qualify
you so that you know how much money you can afford to spend, as well as the price range
we should concentrate on, to find a home that fits you and your budget. Call 407-695-2066
or 407-763-7300 to set your appointment.
Risa Saltman, RE/MAX Town & Country Realty, Orlando, Fl 32708
Phone: 800-699-4901 mailto:risa@risa.net website: http://www.risa.net
BUYER=S MORTGAGE QUALIFICATION CHECK
ANNUAL INCOME
Base Pay ________________________
Plus (overtime bonus)________________
Co-Purchaser=s Income ______________
Plus (overtime bonus) _______________
Net Income From Real Estate________________________
Income From Other Sources (list sources and amounts)
________________________________________________________
________________________________________________________
________________________________________________________
________________________________
Part-time Employment________________________
Length of Employment:________________________
Total Income ________________________
ASSETS
Cash Accounts
1. Savings Account ________________________
2. Checking Account ________________________
3. Other ________________________
Marketable Securities ________________________
Value of Real Estate Owned ________________________
Proceeds from Sale of Present Home
________________________
Cash Value of Life Insurance
________________________
Other Assets:
1. Automobile ________________________
2. Personal Property ________________________
3. Other ________________________
Total Assets________________________
Risa Saltman, RE/MAX Town & Country Realty, Orlando, Fl 32708
Phone: 800-699-4901 mailto:risa@risa.net website: http://www.risa.net
BUYER=S MORTGAGE QUALIFICATION CHECK (cont.)
LIABILITIES
Automobile Loans________________________
Bank Loans________________________
Real Estate Loans________________________
Personal Loans________________________
Notes Payable________________________
Installment Accounts_______________________
Current Accounts________________________
Yearly Alimony/Child Support________________________
Suits/Judgments________________________
Other_______________________
Total Liabilities________________________
Amount of VA Entitlement Available: ______________________________
Source of Down Payment: __________________________________________
Assets: ______________________________________________________
Gift Letter: ________________________________________________
Risa Saltman, RE/MAX Town & Country Realty, Orlando, Fl 32708
Phone: 800-699-4901 mailto:risa@risa.net website: http://www.risa.net
DOCUMENT LIST
General information to bring for a loan application
1. W-2 (2 years) & last 30 days pay stubs.
2. Past 7 years landlord, mortgage company.
3. Name/Address Employer - 2-year history.
4. Contract of Sale.
5. Bank Name, account #, balances.
6. Latest 3 months bank statements, all accounts.
7. Open Loans - Name/Addresses, account #, monthly payments &
balances.
8. Loan information on other real estate owned.
9. Certificate of Eligibility DD 214 (VA).
10. Check for credit report & appraisal.
11. Self-employment: Last 2 years tax returns with schedules, YTD.
12. Copy of Social Security Card (FHA).
13. Copy of Drivers License.
Risa Saltman, RE/MAX Town & Country Realty, Orlando, Fl 32708
Phone: 800-699-4901 mailto:risa@risa.net website: http://www.risa.net
HOME SELECTION CHECKLIST
As you and your agent look at the many homes for sale, it=s easy to forget many features.
Use this chart to record things you like and don=t like. You may need to photocopy this
page.
Property Address: _________________________________________________________
Bedrooms: ______________________________________________________________
Family Room: ____________________________________________________________
Bathrooms: ______________________________________________________________
Garage: _________________________________________________________________
Kitchen: ________________________________________________________________
Fence: __________________________________________________________________
Dining Room: ____________________________________________________________
Yard: __________________________________________________________________
Comments: ______________________________________________________________
_______________________________________________________________________
_______________________________________________________________________
Property Address: _________________________________________________________
Bedrooms: ______________________________________________________________
Family Room: ____________________________________________________________
Bathrooms: ______________________________________________________________
Garage: _________________________________________________________________
Kitchen: ________________________________________________________________
Fence: __________________________________________________________________
Dining Room: ____________________________________________________________
Yard: __________________________________________________________________
Comments: ______________________________________________________________
_______________________________________________________________________
_______________________________________________________________________
Property Address: _________________________________________________________
Bedrooms: ______________________________________________________________
Family Room: ____________________________________________________________
Bathrooms: ______________________________________________________________
Garage: _________________________________________________________________
Kitchen: ________________________________________________________________
Fence: __________________________________________________________________
Dining Room: ____________________________________________________________
Yard: __________________________________________________________________
Comments: ______________________________________________________________
_______________________________________________________________________
_______________________________________________________________________
HOME CHECK AND SURVEY
Risa Saltman, RE/MAX Town & Country Realty, Orlando, Fl 32708
Phone: 800-699-4901 mailto:risa@risa.net website: http://www.risa.net
Item Age & When to
Condition Repair/Replace
Interior Walls
plaster
gypsum board
paneling
Flooring
wood
linoleum
vinyl
tile
Appliances
stove
refrigerator
dishwasher
other
Air Conditioning
Plumbing
copper
brass
galvanized iron
plastic
Heating System
forced warm air
gravity warm air
circulating hot water
steam
electric resistance
heat pump
Water Heater
water pump (well water)
Insulation
Storm Windows/Doors
HOME CHECK AND SURVEY (cont.)
Item Age & When to
Condition Repair/Replace
Foundation Walls
Risa Saltman, RE/MAX Town & Country Realty, Orlando, Fl 32708
Phone: 800-699-4901 mailto:risa@risa.net website: http://www.risa.net
poured concrete
masonry block
stone/brick
posts
Exterior Siding
wood/aluminum
vinyl
brick
stucco
composition material
steel
Roof
asphalt shingle
wood shingle
asbestos shingle
slate tile
metal
Gutters and Down Spouts
wood
aluminum
vinyl
galvanized iron
Sewer
type of pipe: ______________________________________________________
location: _________________________________________________________
Septic System
capacity: _________________________________________________________
location: _________________________________________________________
date last inspected: _________________________________________________
date last drained: ___________________________________________________
Oil Storage Tank
capacity and location: _______________________________________________
Risa Saltman, RE/MAX Town & Country Realty, Orlando, Fl 32708
Phone: 800-699-4901 mailto:risa@risa.net website: http://www.risa.net
THE BASIC CONTRACT
SUMMARY
No document is as important to a real estate transaction as the sales
contract. All of the terms of the closing are controlled by the wording of the
contract.
Most contracts are drafted on the first form found in the drawer or on the
shelf of an office supply store. Often a buyer pays extra expenses because he
uses a form designed for a seller’s benefit.
The minimum that a contract must contain to be legally enforceable is:
1. Identification of the parties
2. Description of the property
3. Clear terms of payment
4. Some consideration
5. Acceptance by all parties
A contract is an offer until it is accepted by all parties and acceptance
conveyed to each party.
This offer is submitted to the agent of the seller and the seller and they may . .
Accept it
Reject it
Make a counter offer (a new offer)
The deposit or earnest money (consideration) is generally placed in an escrow
account.
If your offer to purchase has been rejected, your deposit will be returned.
If your offer to purchase is accepted, the funds are held until closing and will
probably be credited towards your down payment.
Risa Saltman, RE/MAX Town & Country Realty, Orlando, Fl 32708
Phone: 800-699-4901 mailto:risa@risa.net website: http://www.risa.net
NEGOTIATING
An experienced professional can provide background and market information
to help you decided if YOUR OFFER is what you want and need.
If the offer is accepted you are ready!! If the offer is not accepted and is not
what you are looking for, then you should make a counter offer.
Never reject an offer outright!!
Don’t forget there are other things to negotiating besides price.
Targeted closing date, extras included with the property, and possible finance
options, are equally important.
EACH OF THESE POINTS HAS VALUE
KEEP IN MIND
WHEN YOU OFFER TOO LOW - SELLERS ARE NOT INTERESTED
Risa Saltman, RE/MAX Town & Country Realty, Orlando, Fl 32708
Phone: 800-699-4901 mailto:risa@risa.net website: http://www.risa.net
HOME INSPECTION
It’s an excellent idea to include a contingency in your contract that you first
have a good report from a home inspector. The American Society of Home
Inspectors monitors home inspection standards, so check and see if your
home inspector is a member. This inspection may cost you $200-$1,000. A
realistic estimate of unseen repairs could be well worth the home inspection
price if you find costly repairs.
A home inspection is not an appraisal. It’s an actual evaluation of the
structural and mechanical condition of the property. Go with the inspector
and expect the total time to be between 2 and 4 hours. It’s your opportunity
to find what needs to be replaced or repaired, ask for suggestions, and get a
realistic idea of what these will cost. The inspection should include
evaluations of: foundations, doors and windows, roof, plumbing and electrical
systems, heating and air conditioning systems, ceilings, walls, and floors,
insulation, and ventilation.
Having a home inspection report can open your eyes to the true condition of
your dream home. It can be your way out of a purchase agreement and may
be a tool to get the seller to pay for necessary repairs.
TITLE INSURANCE
Title insurance is not only required by all lenders but
essential for your protection. It insures that the title of
your home is clear of all defects and claims against the
property.
Qualified searchers research the property and home
against liens, judgments, and anything else that may
adversely affect the value and salability of the property.
They scrutinize all prior deeds, public records, and court
documents.
Risa Saltman, RE/MAX Town & Country Realty, Orlando, Fl 32708
Phone: 800-699-4901 mailto:risa@risa.net website: http://www.risa.net
If a defect should arise in their search they also know the
correct steps to take to clear these defects and insure the
property is clear for you to take possession.
HOME OWNERS INSURANCE
Homeowners insurance, another name for hazard insurance, is required by
the mortgage company to protect their interest. It is one of the most
comprehensive insurance policies available today. It not only covers your
home and personal property, but also protects you from liability exposure if
someone gets hurt on your property.
Your policy protects your home and any structure attached to it, like a porch
or garage. Other unattached buildings on your property are also covered as
long as they’re not used for business purposes or rented to others.
Your personal property coverage protects the things in your home like
clothes and furniture. It also provides protection when your property is
away from home - like the things you take on vacation.
Your coverage is for perils such as fire, lightening, windstorm, hail, smoke,
explosion, sinkholes, vandalism, theft, etc.
The investment a homeowner makes in hazard insurance is worth it -
for peace of mind and protection against unexpected loss.
Risa Saltman, RE/MAX Town & Country Realty, Orlando, Fl 32708
Phone: 800-699-4901 mailto:risa@risa.net website: http://www.risa.net
WOOD DESTROYING ORGANISM
REPORT
The wood destroying organism report or Termite Report as it is commonly
called is also required by lenders and is vitally important to you, the Buyer.
This report is usually performed by a licensed pest control company of your
choice.
This report details any damage to the property caused by termites, fungus
and any other organism that could and will destroy the structure of your
home.
The wood destroying organism report will also detail the correct steps to
take to rectify and problems, if found.
SURVEY
A survey is performed by a licensed land surveyor. This is also required by
the Lender, Title Insurance Company, and you. The surveyor measures the
land and where any structures are located on that land.
These measurements guarantee that structures not belonging to the property
are properly identified. Also, structures such as fences, driveways, and
storage sheds are identified and not encroaching into any public areas such
as utility easements and any other adjoining properties.
Risa Saltman, RE/MAX Town & Country Realty, Orlando, Fl 32708
Phone: 800-699-4901 mailto:risa@risa.net website: http://www.risa.net
Glossary Of Terms
Adjustable Rate Mortgage (ARM): A mortgage with an interest rate that changes over
time in line with movements in the index. ARMs are also referred to as AMLs
(adjustable mortgage loans) or VRMs (variable rate mortgages).
Adjusted Basis: A measure used as a starting point for determining a gain or loss on
the sale of property. Certain capital expenditures, depreciation, etc. can increase or
decrease your basis.
Adjustment Period: The length of time between interest rate changes on an ARM.
For example, a loan with an adjustment period of one year is called a one-year ARM,
which means that the interest rate can change once a year.
Agreement for Sale: A written document in which the purchaser agrees to buy certain
real estate and the seller agrees to sell under stated terms and conditions.
Amortization: Repayment of a loan in equal installments of principal and interest,
rather than interest-only payments.
Annual Percentage Rate (APR): The total finance charge (interest, loan fees, points)
expressed as a percentage of the loan amount.
Appreciation: An increase in value of property.
Assumption of Mortgage: A buyer's agreement to assume the liability under an
existing note that is secured by a mortgage or deed of trust. The lender must approve
the buyer in order to release the original borrower (usually the seller) from liability.
Balloon Payment: A lump sum principal payment due at the end of some mortgages
or other long-term loans.
Basis: Usually the cost of an asset. In the case of property, it=s the cost including debt
obligations and some taxes.
Binder: Sometimes known as an offer to purchase or an earnest money receipt. A
binder is the acknowledgment of a deposit along with a brief written agreement to
enter into a contract for the sale of real estate.
Cap: The limit on how much an interest rate or monthly payment can change, either
at each adjustment or over the life of the mortgage.
Capitalize: To add an expense to a property=s basis rather than take as an itemized
deduction.
Risa Saltman, RE/MAX Town & Country Realty, Orlando, Fl 32708
Phone: 800-699-4901 mailto:risa@risa.net website: http://www.risa.net
Casualty Loss: A loss from theft, fire, storm, shipwreck, or other similar and
unexpected occurrence.
CC&R's: Covenants, conditions and restrictions. A document that controls the use,
requirements and restrictions of a property.
Certificate of Reasonable Value (CRV): A document that establishes the maximum
value and loan amount for a VA guaranteed mortgage.
Clear Title: A title that is free of liens or legal questions as to ownership of property.
Closing: The conclusion or consummation of a real estate transaction. This includes
the delivery of deed financial adjustments, the signing of notes and the disbursement
of funds necessary to the sale or loan transaction.
Closing Statement: The financial disclosure statement that accounts for all of the
funds received and expected at the closing, including deposits for taxes, hazard
insurance, and mortgage insurance.
Condominium: A form of real estate ownership where the owner receives title to a
particular unit and has a proportionate interest in certain common areas. The unit
itself is generally a separately owned space whose interior surfaces (walls, floors and
ceilings) serve as its boundaries.
Contingency: A condition that must be satisfied before a contract is binding. For
instance, a sales agreement may be contingent upon the buyer obtaining financing.
Conversion Clause: A provision in some ARMs that enables you to change an ARM
to a fixed-rate loan, usually after the first adjustment period. The new fixed rate is
generally set at the prevailing interest rate for fixed-rate mortgages. This conversion
feature may cost extra.
Cooperative: A form of multiple ownership in which a corporation or business trust
entity holds title to a property and grants occupancy rights to shareholders by means of
proprietary leases or similar arrangements.
Deed: The legal document conveying title to a property.
Depreciation: A deductible expense for wear and tear of tangible property that has a
useful life of more than one year and is used for business or income-producing
purposes.
Risa Saltman, RE/MAX Town & Country Realty, Orlando, Fl 32708
Phone: 800-699-4901 mailto:risa@risa.net website: http://www.risa.net
GLOSSARY (cont.)
Due-On-Sale Clause:
An acceleration clause that requires full payment of a mortgage or deed of trust when
the secured property changes ownership.
Earnest Money: The portion of the down payment delivered to the seller or escrow
agent by the purchaser with a written offer as evidence of good faith.
Equity: The difference between fair market value and current indebtedness, usually
referred to as the owner=s interest.
Escrow: A procedure in which a third party acts as a stakeholder for both the buyer
and the seller, carrying out both parties' instructions and assumes responsibility for
handling all of the paperwork and distribution of funds.
Fair Market Value: The highest price that a buyer, willing but not compelled to buy,
would pay, and the lowest a seller, willing but not compelled to sell, would accept.
Federal Housing Administration (FHA): A division of the Department of Housing
and Urban Development that insures residential mortgage loans made by private
lenders.
Federal National Mortgage Association (FNMA): Popularly known as Fannie Mae. A
privately owned corporation created by Congress to support the secondary mortgage
market. It purchases and sells residential mortgages insured by FHA or guaranteed by
the VA, as well as conventional home mortgages.
Fee Simple: An estate in which the owner has unrestricted power to dispose of the
property as he wishes, including leaving by will or inheritance. It is the greatest interest
a person can have in real estate.
Finance Charge: The total cost a borrower must pay, directly or indirectly, to obtain
credit according to Regulation Z.
Graduated Payment Mortgage: A residential mortgage with monthly payments that
start at a low level and increase at a predetermined rate.
Home Inspection Report: A qualified inspector's report on a property's overall
condition. The report usually includes an evaluation of both the structure and
mechanical systems.
Risa Saltman, RE/MAX Town & Country Realty, Orlando, Fl 32708
Phone: 800-699-4901 mailto:risa@risa.net website: http://www.risa.net
GLOSSARY (cont.)
Home Warranty Plan: Protection against failure of mechanical systems within the
property. Usually includes plumbing, electrical, heating systems and installed
appliances.
HUD-1: A two-page financial disclosure statement detailing the closing costs of a
home purchase.
Index: A measure of interest rate changes used to determine changes in an ARM's
interest rate over the term of the loan.
Itemized Deductions: Expenses that you claim on your individual tax return and that
are subtracted from your adjusted gross income.
Joint Tenancy: An equal undivided ownership of property by two or more persons.
Upon the death of any owner, the survivors take the decedent's interest in the
property.
Lease: a written document containing the conditions under which the owner to
another gives the possession and use of real property for a stated period and for a
stated consideration.
Lien: A legal hold or claim on property as security for a debt or charge.
Loan Commitment: A written promise to make a loan for a specified amount on
specified terms.
Loan-To-Value Ratio:
The relationship between the amount of the mortgage and the appraised value of the
property, expressed as a percentage of the appraised value.
Margin: The number of percentage points the lender adds to the index rate to
calculate the ARM interest rate at each adjustment.
Mortgage Life Insurance: A type of term life insurance often bought by mortgagors.
The coverage decreases as the mortgage balance declines. If the borrower dies while
the policy is in force, the debt is automatically covered by insurance proceeds.
Risa Saltman, RE/MAX Town & Country Realty, Orlando, Fl 32708
Phone: 800-699-4901 mailto:risa@risa.net website: http://www.risa.net
GLOSSARY (cont.)
Negative Amortization: Negative amortization occurs when monthly payments fail to
cover the interest cost. The interest that isn't covered is added to the unpaid principal
balance, which means that even after several payments you could owe more than you
did at the beginning of the loan. Negative amortization can occur when an ARM has a
payment cap that results in monthly payments that aren't high enough to cover the
interest.
Origination Fee: A fee or charge for work involved in evaluating, preparing, and
submitting a proposed mortgage loan. The fee is limited to 1 percent for FHA and
VA loans.
Planned Unit Development (PUD): A zoning designation for property developed at
the same or slightly greater overall density than conventional development, sometimes
with improvements clustered between open, common areas. Uses may be residential,
commercial or industrial.
Point: An amount equal to 1 percent of the principal amount of the investment or
note. The lender assesses loan discount points at closing to increase the yield on the
mortgage to a position competitive with other types of investments.
Prepayment: Paying extra payments (or paying entire balance) to pay your mortgage
off early; it is important to ask your lender if there is a prepayment penalty.
Prepayment Penalty: A fee charged to a mortgagor who pays a loan before it is due.
Not allowed for FHA or VA loans.
Primary Financing: A loan secured by a first mortgage for trust deed on real property.
Principal, Interest, Taxes, Insurance (PITI): The principal and interest payment on
most loans is fixed for the term of the loan; the tax and insurance portion may be
adjusted to reflect changes in taxes or insurance costs.
Private Mortgage Insurance (PMI): Insurance written by a private company protecting
the lender against loss if the borrower defaults on the mortgage.
Purchase Agreement: A written document in which the purchaser agrees to buy
certain real estate and the seller agrees to sell under stated terms and conditions. Also
called a sales contract, earnest money contract, or agreement for sale.
GLOSSARY (cont.)
Risa Saltman, RE/MAX Town & Country Realty, Orlando, Fl 32708
Phone: 800-699-4901 mailto:risa@risa.net website: http://www.risa.net
Rate Lock-in: The ability to lock-in the interest rate at today=s rate before the closing
date.
Real Property: Physical property that is permanent and non-moveable (i.e., land and
buildings).
Refinancing: The repayment of a debt from the proceeds of a new loan using the
same property as security.
Regulation Z: The set of rules governing consumer lending issued by the Federal
Reserve Board of Governors in accordance with the Consumer Protection act.
Secondary Financing: Financing real estate with a loan or loans that are subordinate to
a first mortgage or first truth deed.
Standard Deduction: A deduction used to reduce income by taxpayers who do not
itemize. The amount of the deduction depends on your filing status: if you are 65 or
older, if you are blind, and whether you can be claimed as a dependent on another
taxpayer=s return.
Tenancy in Common: A type of joint ownership of property by two or more persons
with no right of survivorship.
Title: A legal document evidencing a person=s right to or ownership of a property.
Title Insurance Policy: A policy that protects the purchaser, mortgage or other party
against losses.
Truth-in-Lending: A federal law that requires lenders to fully disclose, in writing, the
terms and conditions of a mortgage, including the Annual Percentage Rate (APR) and
other charges.
Veterans Administration (VA): An independent agency of the federal government.
(The VA home loan guarantee program is designed to encourage lenders to offer long-
term, low down payment mortgages to eligible veterans by guaranteeing the lender
against loss.)
Wrap-around/All-Inclusive Trust Deed: A mortgage which secures a debt which
includes the balance due on an additional amount advanced by the wrap-around
mortgagee. The wrap-around mortgages then makes the payments on the senior
mortgage.
EXECUTIVE BRIEFING
Risa Saltman
RE/MAX Town & Country Realty, Inc.
Risa Saltman, RE/MAX Town & Country Realty, Orlando, Fl 32708
Phone: 800-699-4901 mailto:risa@risa.net website: http://www.risa.net
To help you manage your time effectively, I have this executive briefing. It
itemizes your needs on the left and my skills on the right. The attached
Marketing Service Guide will give you additional details.
YOUR NEEDS: MY SKILLS:
Choosing a professional * 15+ years industry experience
Real Estate Agent * A commitment to servicing your
the purchasing of your home.
* Purchasing your property backed up
by a written guarantee.
* ABR = Accredited Buyer Agent
* CRS = Certified Residential
* Continuing education with a
* Providing an individual Marketing
* Assist you with choosing the
properties that have SOLD in
your chosen area during the last
year. We will compare homes that are
currently on the market and review
Market rejected homes.
* Put your Real Estate need first!
ALL PROGRAMS ARE BACKED UP WITH A WRITTEN
COMMITMENT
Risa Saltman, RE/MAX Town & Country Realty, Orlando, Fl 32708
Phone: 800-699-4901 mailto:risa@risa.net website: http://www.risa.net
FINALLY YOU OWN THE HOME
Closing Statement - HUD-1 = this statement spells out all costs charged to
buyer and seller. It is prepared by the title company and signed by all
parties.
Certified funds are needed to purchase your home.
Upon completion of signing all forms and exchanging funds you are now the
HOMEOWNER!!!!!
My Sincere Congratulations to you!
Risa Saltman
Re/MAX Town & Country Realty
1315 Tuskawilla Rd.
Orlando, Fl 32708
407-695-2066
800-450-3970
mailto:risa@risa.net
web site: http://www.risa.net
Risa Saltman, RE/MAX Town & Country Realty, Orlando, Fl 32708
Phone: 800-699-4901 mailto:risa@risa.net website: http://www.risa.net
